Credit Suisse has come out today with a call against the solar sector from its Asian team. It is not downgrades, but the firm slashed its price targets to more in-line levels after these stocks have all sold off sharply
JA Solar Holdings (NASDAQ: JASO) target cut to $10.00 from $17.00, shares down 3.5% at $4.65 pre-market,
ReneSola Ltd. (NYSE: SOL) target cut to $13.30 From $29.00, shares down 3% at $5.77 pre-market.
Suntech Power Holdings (NYSE: STP) target cut to $20.00 from $50.00, shares down 2% at $14.95 pre-market.
Because of the severe drop in share prices we have seen in recentmonths, these new price targets may start to get adjusted at morebrokerage firms to levels which are more in-line with current prices.For many of the old price targets to get hit you would have to ralliesin many cases to the tune of 150% to 200% or more.
Jon C. Ogg
October 31, 2008